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Joan Jung was a co-chair at an event hosted by the LSO where she spoke on the topic of the annotated alter ego trust and discretionary trust. The event took place on February 21, 2019.
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This is the most confusing change to the tax laws since the 1980s!!!Your refund number isn’t the whole story this year. Many taxpayers are receiving lower tax refunds on their 2018 income tax returns and are incorrectly assuming that Tax Cuts and Jobs Act (TCJA) did not benefit them. There exists a lot of misinformation and misunderstanding concerning the TCJA.
The TCJA reduced individual tax rates and brackets beginning in 2018. The IRS also modified the federal income tax payroll withholding tables to reduce the amount of federal income tax withheld from paychecks. In many cases, taxpayers received higher weekly, bi-weekly, etc. paychecks resulting from a decrease in federal income tax withholding.
To determine the impact of the TCJA, taxpayers must compare their changes in taxable income, total income tax and federal income tax withheld in 2018 to their 2017 tax return.
Let us help you get an understanding of your whole tax picture in 2018 and let us use the new tax laws to get you the most back! We can help in all 50 states! Www.dt2financialadvisors.com
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IT'S AN INTERESTING QUESTION !! One of the principles of good tax policy and fundamental tax reform is that there should be no double taxation of income that is saved and invested. Such a policy promotes current consumption at the expense of future consumption, which is simply an econo-geek way of saying that it penalises capital formation.
Introduction of capital gains tax in this day and age is not very prudent or wise since every economic theory agrees that capital formation is key to long-run growth and higher living standards. Even Marxist and socialist theory is based on this notion (they want government to be in charge of investing, so they want to do the right thing but in a very wrong way). Many economists believe that the economically optimal tax on capital gains is zero. President Obama’s first chief economic adviser, Larry Summers, wrote in the American Economic Review in 1981 that the elimination of capital income taxation “would have very substantial economic effects” and “might raise steady-state output by as much as 18 percent, and consumption by 16 percent.” So, why are we going in the opposite direction? What do you think? Your views will be important for everyone concerned.
Ismail Rasheed, Lawyer offers solutions and advice on Immigration, Tax, Anti-Money Laundering and Countering Financing of Terrorism Laws. Contact IR Legal for advice: Phone (04) 566 1155 | (09) 299 1155 | Email office@irlegal.lawyer | www.irlegal.lawyer
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